Tuesday, July 8, 2025
Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says - Oil&Gas360

Downward Spiral of Venezuelan Production Helps Keep OPEC Production in Compliance

Venezuela production rate lowest in 30 years OPEC has released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. Total OPEC production continued to fall in February, extending the group’s recent output decline. The cartel produced 32,186 MBOPD last month, down 77.1 MBOPD from January. OPEC production has been gradually declining